Allied Business Accountants Blog

Christmas presents under tree

Extending the festive cheer (in a tax efficient way)

By | Deductions, Philanthropy, Tax Planning | No Comments

The festive season is here again, and as with other years it is always brimming with the spirit of giving. The list of practical ways in which Australians spread goodwill is as endless as a Christmas wreath. The ATO also gets into the spirit of the season, but of course feels required to set some limits. When are donations deductible? A charitable donation is only tax deductible if it meets the requirements in the relevant legislation. In brief, the rules allow a taxpayer to claim…

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Financial growth coins.

Setting up an SMSF: What you need to know

By | SMSF, Structure, Superannuation, Tax Planning | No Comments

There are tempting tax incentives for Australians to save for their retirement via the superannuation system, with an array of choice between superannuation funds that can manage your savings for you, but also the do-it-yourself option of a self-managed superannuation fund (SMSF). Managing your own retirement savings however is a huge responsibility and one that should not be viewed lightly. How you live and how comfortable your life will be when you’re no longer earning an income will depend largely on your efforts of saving…

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Business for sale billboard.

Calling time out on your business? The tips and traps

By | Business, Strategy, Succession Planning | No Comments

When you first went into business, either buying an established enterprise or starting from scratch, probably the last thing on your mind was the day you would close the door for the last time. Client calling time out business? The tips and traps But it’s no use ignoring the inevitable, as one day you will leave the business – whether through pursuing another career, retirement, or even due to health reasons. It’s important to know what’s involved, and having a succession or exit plan can…

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Passing the baton family business succession

Passing the family business to the next generation

By | Structure, Succession Planning | No Comments

While it might be a tough topic to broach, it is inevitable that someday you will leave your business. You can’t know whether you’ll sell up, retire or leave due to health reasons, so is important that you prepare yourself for any eventuality. A recent nationwide survey by the Australian Centre for Family Business at Bond University found more than 40% of family businesses are looking to transfer their wealth and operations to other people in the next five years. But the survey also found…

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With great power comes great responsibility – Directors Responsibilities

By | Company, Compliance, Starting a business, Structure | No Comments

There is a classic saying that goes: “With great power comes great responsibility”. When it comes to life in the corporate world, that famous old quote rings true for company directors. Generally speaking, members of a company are commonly referred to as “shareholders”, and they own the company. Directors, on the other hand, are responsible for the management of the company’s business activities. As a director, you hold a high level of power when it comes to making these big decisions on behalf of the…

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Self managed superannuation fund graphic showing various works relating to SMSF.

Seven Essential SMSF Planning Tips for 30 June 2015

By | SMSF, Superannuation, Tax Planning | No Comments

Another financial year is coming to a close and once again we are all busy undertaking tax planning for our clients. Reviewing and planning for your SMSF is just as, if not more, important. – While conducting audits for the 2014 year, I have encountered common problems that could have been avoided with pre 30 June planning. – And unfortunately, a number of the issues could not be fixed post 30 June – resulting in breaches or adverse tax consequences. I have set out below…

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Facepalm

The biggest mistakes made by new businesses

By | Starting a business, Strategy | No Comments

From poor business planning to dropping the ball on your cash flow forecasts, we reveal a range of common mistakes your new business needs to avoid. It’s a confronting fact that most new small businesses fail within the first five years. This, in large part, is due to a lack of proper planning, poor business structure and the absence of professional business advice. While it’s natural for new businesses to focus on creating a quality range of products or services in order to attract and…

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5 things your accountant should be doing for you besides your taxes

By | Business Improvement, Starting a business, Strategy, Tax Planning, Taxation | No Comments

If your accountant is just a tax-time paper pusher, you are missing out on a range of opportunities to grow your business. In addition to filing your tax return and BAS statements, your accountant should be acting as a trusted advisor, delivering valuable advice across business functions to help improve your profits, reduce your costs and streamline your business. Your accountant should be available to you year-round, know your business inside out, and offer regular advice that assists you to improve your profits and grow…

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Winding up SMSF stop sign

Winding up an SMSF – Sydney Morning Herald Article

By | In The Media, SMSF, Superannuation | No Comments

The advantages of an SMSF can be significant, but as your circumstances change an SMSF may no longer appropriate. David McKellar, Director of Allied Business Accountants, was recently interviewed by Alexandra Cain in relation to why and how SMSF’s are wound up. Her article, including comments by David, was published in the Sydney Morning Herald. http://www.smh.com.au/money/super-and-funds/selfmanaged-super-can-be-more-work-than-its-worth-20140710-zsyy1.html

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Wooden blocks tax time

Year End Guide: Superannuation Contributions

By | Superannuation, Tax Planning, Taxation | No Comments

Superannuation is a highly tax effective environment, where income is taxed at a maximum tax rate of 15% and capital gains, where the asset has been held for over 12 months are only taxed at 10%. In circumstances where the fund is paying pensions to its members, both income and capital gains can be completely tax free. Further, business and certain individuals may be entitled to a tax deduction for contributions made to complying superannuation funds. As a result, superannuation is a significant tax planning…

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